Salary levels in South Africa range from R7,880 per month (lowest compensation) to R139,000 per month (highest salary) every month (maximum average salary in South Africa, actual maximum is higher). The median monthly salary in South Africa is R29,900, which implies that half of the population (50%) earns less than R29,900 per month and the other half earns more than R29,900 per month. The median salary value is the salary that falls in the middle of the range. Generally speaking, you would prefer to be on the right side of the graph, in the group earning more than the median pay, rather than on the left side.
The median is closely related to two other values: the 25th percentile and the 75th percentile. The salary distribution map shows that 25% of the population earns less than R17,000, and 75% of the population earns more than R17,000, according to the data. Additionally, according to the diagram, 75 % of the population earns less than R81,100, while 25% make more than R81,100 every year.
Both of these are indicators. If your salary is more than both the average salary in South Africa and the national median, you are doing really well in life. If your pay is lower than both, it is likely that many individuals earn more than you, and there is plenty of space for growth in your position. In the case of a salary that falls between the average and the median, things can become a little complex. The different possibilities were explained in detail in a handbook that we produced.
The most essential aspect in determining remuneration is the amount of experience. Naturally, the higher the salary, the more years of experience. In general, individuals with two to five years of experience earn 32% more than freshmen and juniors across all businesses and disciplines. Professionals with more than five years of experience earn 36% more than those with five years or less of job experience. The change in compensation based on experience varies greatly from one place to the next and is also heavily influenced by the job field.
The information presented here is the average of many separate jobs. Choose a specific job title to see actual data. When you reach the ten-year mark, your compensation increases by 21%, with an extra 14% for those who have reached the fifteen-year level. These values are simply provided as suggestions. When you evaluate one job title at a time, the numbers become more meaningful.
Higher education is commonly recognized to result in a higher salary, but how much more money can a degree bring to your income? We compared the incomes of professionals at the same level but with different college degree levels across a variety of jobs, and the results are shown below. The change in salary dependent on education varies greatly from one place to the next and is also heavily influenced by the professional field. The information presented here is the average of several occupations. Choose a specific job title to see actual data.
Workers with a certificate or graduation earn 17% more than their peers who merely completed high school. Employees with a Bachelor’s Degree earn 24% more than those with merely a certificate or diploma. Professionals with a Master’s Degree earn 29% more than those with a Bachelor’s Degree. PhD holders earn 23% more than Master’s Degree holders when doing the same work. In South Africa, a Master’s degree program or other post-graduate program costs between R156,000 and R467,000 and lasts around two years.
That is a significant investment. If you already have a job, you shouldn’t expect any income rises during your studies. In most circumstances, a pay review occurs once education is completed and a degree is obtained. Many people pursue further education as a means of transitioning into a higher-paying profession. This strategy appears to be supported by the numbers. When changing employment, the average rise in income is typically 10% higher than the standard salary increment. The decision is heavily influenced by your situation and experience, among other things.
Leaving all other variables aside, if you can pay the costs of higher education, the return on investment is unquestionably worthwhile. You should be able to recoup your expenses in about a year.